A Qualified Income Trust (or QIT) is one that affords the beneficiary control over the amount of money that is used for eligibility to receive Medicaid benefits. A QIT may also be referred to as a Miller Trust, and any money that goes into the trust is not considered when it comes to determining eligibility for Medicaid. The Qualified Income Trust can be used to qualify for ANY area of Medicaid, but mostpeople use it to qualify for the provision of long-term care.
A QIT has to meet the following requirements:
- It must be made up of ONLY the beneficiary’s income. This includes any accumulated interest from the corpus of the trust; and
- When the beneficiary passes away, the state then receives all funds that remain in the trust, though only up to an equal to the total amount that Medicaid paid on behalf of the beneficiary.
- The QIT has to receive approval from the Department for Medicaid Services.
- The QIT must be irrevocable.
- Income has to be put into the trust to bring the individual below the Special Income Standard of $1,656 per month.
- No resources are allowed to be placed into the trust.
- A separate bank account is required to be set up for the trust.
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.